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Saudi wealth fund to become Aston Martin's second-largest shareholder

Aston Martin's shares jumped 20% on Friday after the British luxury carmaker announced an capital raising that will see Saudi Arabia's Public Investment Fund (PIF) become its second-largest shareholder with an almost 17% stake. PIF's 78 million pound investment, together with a 575 million pound rights issue, will allow the 109-year-old company lower its debt and invest in new models. PIF will own a 16.7% stake in Aston Martin and will be entitled to two board seats, behind the 18.3% holding Chairman Lawrence Stroll's Yew Tree will have after the rights issue. The sovereign wealth fund, which owns stakes in electric carmaker Lucid Motors and British supercar group McLaren has been diversifying its oil-rich investment portfolio. For Aston Martin, the preferred ride of fictional secret agent James Bond which has gone bankrupt seven times in its history, the investment means it can secure its long-term future. Its current second-largest shareholder, German carmaker Mercedes-Benz AG will own about 9.7% after the capital raising. Debt-Ridden Inheritance "In 2020, I inherited a business in deep trouble that needed to be reset," Stroll told reporters. COVID-19 lockdowns and the disruption to global supply chains has slowed the company's recovery, he added. Half of the new capital will be used to repay debt that stood at 957 million pounds at the end of March. The company also pushed back the date at which it will start producing cash from 2023 to 2024. The carmaker said former owner Italian investment group Investindustrial and China's Geely had proposed up to 1.3 billion pounds in funds last week, which the board rejected. The pair would have injected 203 million pounds for a stake, making them the largest shareholder. Stroll said the proposal would have been highly dilutive to shareholders and believed it was a takeover offer in disguise. ($1 = 0.8446 pounds) (Reporting by Eva Mathews in Bengaluru; Editing by Arun Koyyur, Tomasz Janowski and Louise Heavens) Earnings/Financials Aston Martin

2022 Aston Martin Vanquish to offer a manual transmission

The retail versions of the Aston Martin Valkyrie and Valhalla remain a ways off, but carmaker CEO Andy Palmer but has given us something to look forward to beyond the flagship hypercar and its baby brother. Palmer told Australian outlet Car Sales that the Vanquish would be offered with a manual transmission. The pledge fulfills Palmer's previous statement "that I want to be the last manufacturer in the world to offer manual sports cars, and I want to honor that commitment." There's at least one potential caveat with this: The seven-speed dogleg manual transmission recently released for the Vantage AMR forced a reduction in power numbers. The gearbox, developed with transmission maker Graziano to work with the Mercedes-AMG-sourced 4.0-liter twin-turbo V8, cut torque to 461 pound-feet compared to 505 lb-ft in the automatic-equipped coupe. The detune added 0.3 seconds to the 0-60 mph time, but we're confident buyers were happy with the compromise and tech bits that allowed full-throttle upshifts and rev-matching downshifts. The Vanquish will use an electrified, twin-turbocharged, 3.0-liter six-cylinder developed in-house at Aston Martin. Even so, with a lot more power and torque expected in order for the Vanquish to stand above the Vantage and battle the Ferrari F8 Tributo, McLaren 720 S, and Lamborghini Huracan, buyers could again face abridged output. Aston Martin hasn't said a word about figures, but the F8 and 720 S already crest 700 hp and bring 568 lb-ft. The Valhalla, which will use the same engine as the Vanquish but is predicted to pack around 1,000 hp, will forgo the manual. Palmer told Car Sales, "that car will only come with a paddleshift transmission." As with the Ferrari, but unlike the McLaren and the Lamborghini, the Vanquish gets a bonded aluminum tub instead of carbon. Aston Martin designed carbon tubs for the Valkyrie and Valhalla for "owners happy to sacrifice comfort for ultimate speed." Palmer explained the Vanquish's intended daily-driver usability drove the choice for aluminum, which permits a lower, narrower sill for easier ingress and egress. Having two architectures is more expensive for the small company, but Palmer explained, "Unlike McLaren we're not trying to stretch the same assets over and over again. Our approach is ... hopefully ...

Aston Martin previews EV conversions with electric 1970 DB6 Volante

If you're a fan of classic British sports cars, and you're concerned about the environment, the future is looking pretty bright. Similar to what Jaguar is preparing for old E-Types, Aston Martin has just announced that it is developing "cassette"-type electric powertrains that it can drop into classic Aston models. By "cassette," the company means that the whole powertrain assembly can be easily bolted into an existing Aston Martin, and just as easily be replaced by the original internal combustion engine if desired. The first car to undergo the electric conversion is a 1970 Aston Martin DB6 Volante, and the prototype powertrain bolts up to the factory engine and transmission mounts. If it weren't for a photo showing it plugged into a charger, it would be impossible to tell that it had an electric motor under the skin. Even the interior looks unchanged. Aston Martin says that a small screen has been added that displays motor and battery management, but we can't find it in the photos. This is a stark contrast to the Jaguar E-Type Zero Concept that featured a modern interpretation of the original interior. Aston Martin didn't reveal any detailed specifications of the powertrain, though. So horsepower and range are complete mysteries at the moment. Aston did note that production examples of this powertrain will use components from the very limited-production Rapide E. That sedan used dual motors for 610 horsepower and 700 pound-feet of torque. Surely the conversion kit will only use one motor for packaging, and since the Rapide E's full power would be unnecessary and deviate far from the original performance and character of the classic car. Also, Aston claimed a range of over 200 miles for the Rapide E, but classic conversions may be less due to space restrictions. Something closer to the E-Type Zero's 170-mile range seems likely, and coupled with DC fast charging, should be more than enough for a car that likely won't be driven as often or as far as a more modern vehicle. Exact timing and availability still have yet to be announced. Aston only said that it plans to start on conversions sometime in 2019. Since Aston plans on delivering Rapide E models toward the end of 2019, the year is shaping up to be a big one for electric Astons. Related Video: